Gloria has read 102 pages of the novel.
Characteristics of monopoly:
-Price is higher than in other market structure (competition drives the prizes down)
There are significant barriers to entry (these barriers are what allows the monopoly to remain in place)
Characteristics of competition:
an efficient quantity
is produced (market regulates what this quantity is)
Firms can earn positive economic profit in the long run. (in a monopoly they are not given this chance)
Firms have no market power.
(this is true: the other companies, other than the monopoly have no power)
The answer to this would be the second option. I can say that the US dollar falls under the category of FIAT MONEY. Fiat money is any money that is accepted as a form of payment wherein its value depends upon the demand and supply of the market, and not with its material. Hope this answer helps.
Explanation:
The computation is shown below:
a. Net purchase
= Purchase - Purchase Returns and Allowances - Purchase Discounts + Freight in
= $330,000 - $8,000 - $6,000 + $12,000
= $328,000
b. The cost of goods available for sale is
= Beginning inventory + purchase
= $50,000 + $328,000
= $378,000
c. The cost of goods sold is
= The cost of goods available for sale - ending inventory
= $378,000 - $80,000
= $298,000